Sale of business / asset ???

kellyp
kellyp Registered Posts: 44 Regular contributor ⭐ ? ⭐
Hiya, I am having a brain melt down....

A client of mine had a business which was a children's entertainment bus.
There is a trading loss of 2K. The client sold the bus and made a gain of £13K.

Is capital gains tax due on the 13K (less the CG allowance of £10600)?
or is the CGT based on the sale of the whole business (i.e. 13K less 2K loss, less CG allowance?)

Any advice is much appreciated
thanks in advance

Comments

  • kellyp
    kellyp Registered Posts: 44 Regular contributor ⭐ ? ⭐
    Thanks for your reply. The bus was actual purchased and sold in the same tax year (they were only trading for 9 months). Therefore will the bus sale still be taxable as income tax or CGT?

    Thanks in advance!!
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